Daiwa House, which came to the local market three years ago in a joint venture with EG Funds and Sumitomo Forestry to develop the 300-unit Flour Mill project in Sydney's Summer Hill, purchased the family-owned Rawson as part of a plan to accelerate sales by expanding into markets such as the US, Australia and ASEAN countries.
"Our group will collaborate with the Rawson Group to further expand the Rawson Group's businesses in Australia," the company said in a statement. "Further, we seek to accelerate business expansion in Australia by leveraging the Rawson Group's experience and knowledge related to the residential construction industry in Australia."
Terms of the deal, in which Baker McKenzie advised Daiwa House, were not disclosed. Rawson, Australia's 20th-largest home builder with 1188 housing starts in the year to June, according to the HIA-Colorbond Steel Housing 100 report, made net sales of $544 million and a net profit of $35 million, Daiwa House said.
It will take possession of the shares – principally owned by brothers Mark, Peter and Lawrence Rawson – in January, subject to clearance by the Foreign Investment Review Board. The chief executive is Matthew Ramaley.
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